I do believe just like many things that started out as a great concept (i.e. Christmas and other holidays) have become way too commercialized, and the Olympics is no different. I've also spoken to a few Brazilians about Brazil hosting in 2016 (along with the World Cup in 2014 - 2 major events back to back) and the consensus seems to be that many Brazilians don't want their country to host the Olympics. The reason is summed up by a comment I found online by a Brazilian citizen:
"We Brazilians have no choice, the games are coming here on 2016. It will be an excellent opportunity for politicians to steal more money than they already do. One shouldn't forget that shortly before going bankrupt, Greece hosted the Olympics."
The common Brazilian is unhappy with their government, and this apparently includes the government's bid to host the Olympics. As they see it, they may get national attention and tourist dollars, but ultimately that money just ends up in the pockets of the greedy politicians instead of the people. Therefore, they see no benefit in hosting the Olympics...and they kind of make a good point.
So my answer is yes, because the Olympics is no longer what it started as. It's now all about the $$$ and commercialism, with "bringing the world together in peace" in the backdrop. It has indeed become too exclusive. I wold actually go as far to say elitist, even.